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March Madness: Bloomington’s Real Estate Market Heating Up

By Heather Groves, Broker

March Madness: Bloomington’s Real Estate Market Heating Up

The Men’s and Women’s NCAA Basketball Tournaments are underway. If you’re thinking about buying or selling real estate, you’ll have to navigate a full court press to get the home of your dreams – or the price you hope for the sale of your home.

It happens every year – and 2019 is shaping up to be another banner year for our real estate market. Here’s a snapshot of our market.

Bloomington Area by the Numbers

Monroe County All homes sold in 2018: 1,914

  • Condos:  420 – All other: 1,514

Year-to-Date thru 2/28/19

  • All homes sold: 179
  • Median home cost: ~ $200,000
  • Active Listings:  346

“Here in Indiana, with the inventory of homes on the market likely to remain exceptionally low in 2019, we expect that residential construction will expand for the fifth consecutive year.”

 

Source:  Matt Kinghorn, Senior Demographic Analyst, Indiana Business Research Center, Indiana University Kelley School of Business – http://www.ibrc.indiana.edu/ibr/2018/outlook/housing.html

Tips for buyers and sellers: Sooner rather than later

Buyers

  • Get pre-approved
  • Be realistic about your budget
  • Be realistic about your DIY abilities
  • Research the neighborhoods you might like; ask Sterling Real Estate for recommendations

Sellers

  • Start cleaning your house – from top to bottom
  • Request a complementary evaluation of your home from Sterling Real Estate
  • De clutter and depersonalize
  • Keep resale in mind when renovating – ask Sterling Real Estate for help prioritizing projects
If you’re ready to buy or sell a home – contact us to get the conversation started.
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